394 Pierce Street N
Well operated & managed 7 unit | New Boiler | In-Place utility Chargebacks
Marketing description
394 Pierce St N is a seven unit apartment building in St Paul, built in the late 1950s with all one bedroom units across two levels and open stairwells at each end of the building. Three units sit on the lower level and four on the upper level.
The building operates simply. Utility chargebacks are already in place, with water and sewer split across tenants and flat trash fees on most leases. A portion of the units have been updated while the rest remain original, so the path to higher rents runs through standard unit turns rather than heavy capital work.
The property is professionally managed and the financial file is organized, including an itemized rent roll, tenant ledgers and current leases, so diligence can move quickly.
Respectable proposals from qualified, verified buyers will be considered as received. The seller favors clean terms with certainty of close. A direct contract for deed is not available, but the seller is open to creative proposals that include a partial carryback.
Interior photos and 3D unit models are available. Contact the listing broker for the full financial package and flyer.
Investment highlights
- Simple late 1950s brick walk up, one unit type across two levels, easy to operate and easy to underwrite
- Utility chargebacks already in place, tenants reimburse water, sewer and trash, keeping the owner expense load light
- A couple of units updated with the balance in original condition, rent upside through standard unit turns, not a full repositioning
- Respectable proposals from qualified, verified buyers will be considered as received, seller favors clean terms with certainty of close
- Third party management with organized books, itemized rent roll, tenant ledgers and leases ready for buyer review
- 7 one bedroom units at $565,000, roughly $80,700 per door, priced below the seller's 2022 purchase price of $575,000
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